How Do You Get a Hard Money Loan

How Do You Get A Hard Money Loan?

Are you considering investing in homes to flip them? Considering a hard money loan, but feel unsure about the process? Here’s where you will need to start. Check out our hard money lending criteria. If your situation fits our criteria, just fill out the  online loan application or download and fax it to us. When we get your application, we will check it out. We can get purchasers money much more quickly than traditional lenders.

Keep in mind that we lend up to 65 percent of the ARV value of the collateral. Luckily, if the loan will be used in part for the renovation or construction, we can base the value of the property on the improved value instead of the current value.

If we determine that we are able to lend you money, we will ask to see your purchase contract. Plus, we will want to see your renovation list. We will give you an estimate. Then, you can approve or reject the estimate. If you approve it, we’ll order an appraisal and the title work. Also, our construction manager will check out the property with you and look over the bid sheet.

If everything checks out, we will set a closing date that is mutually agreeable. We will get you all of the documents you need and detailed instructions. You will need to provide proof of insurance for the property. It’s really not that complicated of a process and you will find it to be much simpler than a traditional lending process.

Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?

Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.